Based on type, the Arthrospira Maxima segment is expected to experience rapid growth in the market and is projected to grow from 2019 to 2026.

Depending on application, the Nutraceuticals segment holds the highest share in 2018, and is anticipated to continue this trend during the forecast period.

By drug formulation, the powder segment was the major revenue contributor in 2018, and is anticipated to continue this trend during the forecast period.

U.S. generated the highest revenue in the global spirulina market in 2018, accounting for more than one fourth of the global market in 2018.

Asia-Pacific region is estimated to grow at the highest CAGR during the forecast period.

The global spirulina market size has witnessed significant growth in the past few years. The growth in awareness regarding the health benefits of spirulina superfood among consumers and a wide variety of natural colors produced by spirulina contribute toward the market growth. In addition, government of countries such as India and South Africa is promoting the production of spirulina considering its health benefits, which is further expected to boost the spirulina market growth during the forecast period.

However, lower stability and poor sustainability of natural colors derived from spirulina as compared to synthetic colors and stringent government regulations are projected to hamper the market growth during the forecast period. Conversely, untapped markets in the developing countries are expected to offer remunerative opportunities for the market players in the near future.

Based on product type, the market is bifurcated into Arthrospira Platensis and Arthrospira Platensis. The Arthrospira Platensis segment had dominant market share in 2018 and is anticipated to remain its position during the forecast period, owing to different factors such as surge in healthcare awareness and incorporation of spirulina in diets as super food globally.

Among the different application where spirulina can be used, nutraceuticals sector accounts for the substantial market share and is estimated to lead the overall market in the coming years. This is attributable to the rise in concern regarding nutrition and health and increase in preference for natural alternatives to traditional pharmaceutical products. Spirulina is also largely used in food & beverage sector as it has a high content of natural pigments that impart blue color and is combined with other colors to obtain new customized colors such as lavender, violet, and green. Spirulina also finds its major application in the cosmetic & personal care industry. It is mainly used in cosmetic & personal care products especially for the anti-aging cream.

North America is expected to remain dominant throughout the forecast period due to its well-developed healthcare industry, presence of leading manufacturers in the region, high adoption rate of spirulina, and increase in demand for naturally derived food coloring agents in the region. However, Asia-Pacific is expected to experience the highest growth rate during the forecast period, as it offers lucrative opportunities for the market players due to significant growth of the food processing industry in the region.